Savvy Scots expect to be comfortable in retirement
25 Jun 2015 | COMMENTS: 0 | Author: Liberty Howard | General
In a recent study conducted by Local Financial Advice, Scottish residents were found to be extremely confident about their finances when asked how comfortable they expect to feel in retirement.
Outside London, Glasgow residents were the most confident that they’d be very comfortable in retirement, compared to the other cities surveyed, and Edinburgh has the fewest number of residents with serious concerns about their retirement income. In fact, 44% of Scots expect to be either very or reasonably comfortable in their retirement years – perhaps due to Scotland having the most residents currently paying to get out of debt: just over 17%.
Scotland is a nation of savers – with 62% of those polled saving something every month, and Edinburgh having the most savers behind London.
23% say they’re saving for nothing in particular, and despite confidence over retirement finances, only 19% of Glaswegians are saving into a pension – fewer than the residents of almost every other major city polled.
We also discovered that those living in Edinburgh are more house-proud than the rest of the UK, with 18% currently saving for a home improvement project – more than anywhere else in the country.
Scots don’t seem to be that romantic with their money – only 5% are saving for a wedding: the only region that polled lower for this was Yorkshire.
Is this a sign of a lack of disposable income, or a sensible attitude towards money? We’d argue the latter, as our polls show the Scottish are savvy when it comes to their savings: 7% choose to invest in stocks and shares: second only to London.
William Cross is 37 years old and lives in Stirling with his wife and their two children.
“Our finances are more settled than they used to be so we’ve recently started taking our retirement options a bit more seriously. My wife and I are saving more into our workplace pensions than we used to and are trying to pay off the mortgage and other debts so we don’t have to worry about them.”
“It means there’s not as much money for luxuries as they could be, but we think it’ll be worth it to retire comfortably!”
Paul Walsh, CEO of Local Financial Advice says:
“It’s fantastic that Scotland expects to be so confident in retirement, and that they’re currently saving and paying off debts to make that happen.”
“The fact that a relatively high number of Scots are investing in stocks and shares is also refreshing to see – although this can be risky, and shouldn’t be attempted without advice from a professional financial advisor.”
The full nationwide stats can be found here.